How many times, you have heard this oft repeated statistic that more than 90% of new traders fail and give up trading in just a few months. Only a few lucky traders survive in the long run and make consistent winning trades.
Yet, still daily millions of ordinary people around the globe wake up, turn on their computers and try to make a living trading the financial markets online. Do you want to join them?
The same statistic of failure exists in other businesses like restaurant business. New restaurants open on daily basis; some succeed, and most fail.
Still the possibility of making it big never stops people from starting new business ventures. The same also applies to forex trading.
Kathy Lien is a professional forex trader who has written many books on forex trading. In her book, "Millionaire Traders", she tells the story of 12 ordinary people who made it big.
All these 12 stories are remarkable. The rag to riches story of Hoosain Harneker is especially worth mentioning. He lost almost all his saving in a failed business partnership.
One of his friends advised him to trade forex. He emailed him the forex system that he used to trade. It was based on simple moving averages. But he did not have even a few hundred dollars to open an account with a forex broker. Forex Trader Success Stories
Hoosain took six months to save $1000 to open an account so that he could trade forex. But during those six months, he practiced and practiced the forex system on the demo account.
He promised his wife that he would never trade forex again if he blew up that $1000. All the 12 people in the Millionaire Traders blew up their accounts in the beginning except Hoosain.
Hoosain's only advice to beginning forex traders: Practice on your demo account and double your amount three times in a row. Don't take up live trading before that. Paper trading will make you confident to face the daily emotional turmoil of the forex trading.
Now, most of the new traders jump straight into live trading without practicing much on their demo accounts. After a few consecutive losses, they give up, considering forex trading to be difficult.
Forex trading needs a lot of discipline and determination. Learn from the success stories of these 12 ordinary but remarkable people. They had the discipline and determination to make it big. All are millionaires now.
Yet, still daily millions of ordinary people around the globe wake up, turn on their computers and try to make a living trading the financial markets online. Do you want to join them?
The same statistic of failure exists in other businesses like restaurant business. New restaurants open on daily basis; some succeed, and most fail.
Still the possibility of making it big never stops people from starting new business ventures. The same also applies to forex trading.
Kathy Lien is a professional forex trader who has written many books on forex trading. In her book, "Millionaire Traders", she tells the story of 12 ordinary people who made it big.
All these 12 stories are remarkable. The rag to riches story of Hoosain Harneker is especially worth mentioning. He lost almost all his saving in a failed business partnership.
One of his friends advised him to trade forex. He emailed him the forex system that he used to trade. It was based on simple moving averages. But he did not have even a few hundred dollars to open an account with a forex broker. Forex Trader Success Stories
Hoosain took six months to save $1000 to open an account so that he could trade forex. But during those six months, he practiced and practiced the forex system on the demo account.
He promised his wife that he would never trade forex again if he blew up that $1000. All the 12 people in the Millionaire Traders blew up their accounts in the beginning except Hoosain.
Hoosain's only advice to beginning forex traders: Practice on your demo account and double your amount three times in a row. Don't take up live trading before that. Paper trading will make you confident to face the daily emotional turmoil of the forex trading.
Now, most of the new traders jump straight into live trading without practicing much on their demo accounts. After a few consecutive losses, they give up, considering forex trading to be difficult.
Forex trading needs a lot of discipline and determination. Learn from the success stories of these 12 ordinary but remarkable people. They had the discipline and determination to make it big. All are millionaires now.
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